Economic Survey 2022 Live Updates: Eco survey pegs 9.2% GDP growth in FY22, 8-8.5% in FY23

The Economic survey 2021-22 will be tabled in Parliament on Tuesday, ahead of the Union Budget to present the state of the economy and suggest policy prescriptions. The policy guide will be tabled by Finance Minister Nirmala Sitharaman soon after President Ram Nath Kovind's address to both Houses of Parliament. The Economic Survey 2022 is expected to project the GDP growth at around 9% for the next fiscal year (FY23). The survey is authored by a team led by Chief Economic Advisor (CEA) Dr V Anantha Nageswaran. This will be the second time the Economic survey will be presented in the midst of the COVID-19 pandemic, the earlier one being last year. The ray of optimism as the country recovers from the impact of the pandemic is likely to figure prominently in the current year's economic survey.
 

Also Read: Economic Survey 2021-22 on Jan 31: What is it and why is it significant?

 

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1.34 pm: Economic Survey 2022: Highlights

• India sees 8-8.5% GDP growth in FY23
• Projects 2021-22 real GDP growth at 9.2%
• Agriculture sector to grow 3.9% in 2021-22
• Industrial sector to grow 11.8% in 2021-22
• Services sector to grow 8.2% in 2021-22
• Macro economic indicators suggest India well placed to face challenges in 2022-23
   

1.26 pm: Services sector to grow 8.2% in 2021-22: Economic Survey 2022

 

1.25 pm: Industrial sector to grow 11.8% in 2021-22: Economic Survey 2022

 

1.23 pm: Agriculture least hit by COVID, to grow by 3.9% in FY22: Economic Survey 2022
 

According to the survey, agriculture was least hit by the COVID-19 pandemic. The sector will grow by 3.9 per cent in 2021-22 after growing 3.6 per cent in the previous year.
 

1.04 pm: FM Sitharaman tables Economic Survey - FY22 GDP growth at 9.2%, FY23 GDP growth between 8-8.5%
 

The Economic Survey has projected 8 to 8.5 per cent Gross Domestic Product (GDP) growth in FY23. For FY22, GDP growth has been pegged at 9.2 per cent.
 

1.00 pm: Economic Survey to be made public after it is introduced before Rajya Sabha at 3.30 pm

Finance Minister Nirmala Sitharaman tabled the Economic Survey 2022 in Parliament. The document will be made public after it is introduced before Rajya Sabha at 3.30 on Tuesday, January 31, 2022.

 

12.54 pm: Economic Survey GDP projection

 

Govt forecasts 8 -8.5% real GDP growth in FY23.

 

12.51 pm: FM Sitharaman tables Economic Survey in Parliament. 

 

12.39 pm: When is Economic Survey released?
 

The Economic Survey is released a day before the Union Budget is presented in Parliament. This year, Finance Minister Nirmala Sitharaman will present the Budget 2022 in Parliament on February 1. 
However, this year the Economic Survey is being prepared by the Principal Economic Advisor and other officials in absence of the Chief Economic Advisor (CEA). The previous CEA KV Subramanian had completed his three-year term as CEA on December 6 last year. The Survey is prepared by the Economics Division of the Department of Economic Affairs of the Finance Ministry under the overall guidance of the Chief Economic Adviser (CEA). It is only released after it is approved by the FM.
 

12.35 pm: What is the Economic Survey? 
 

The Economic Survey is an annual financial document that reviews the economic development in India over the past financial year by analysing and providing detailed statistical data of all the sectors-industrial, agricultural, industrial production, employment, prices, exports, among others. It also analyses trends in other factors that have an impact on the Indian economy such as money supply and foreign exchange reserves. 
 

12.28 pm: Economic Survey 2022: What to expect?
 

GDP FORECAST
 

This year's Economic Survey will likely project a growth rate of around 9 per cent for the next financial year i.e. FY22-23. Besides GDP projection, the survey will also expected to provide details about key indicators such as GST collections and estimates of corporate profitability.

 

CHALLENGES BEFORE INDIAN ECONOMY
 

The Economic Survey had two volumes in the last few years - the first volume primarily outlines the challenges that India's economy faces and the second volume gives a broad-based review of the financial year.

 

MAJOR SCHEMES, KEY POLICIES
 

The Economic Survey also outlines the key schemes run by the government. It also provides details about the outcomes of major policies.

 

COVID-19 IMPACT ON ECONOMY
 

The Economic Survey is expected to give an estimate of the impact of the COVID pandemic on the country's economy. The survey is also likely to provide outline plans for the recovery of the economy.

 

12.18 pm: Economic survey to tabled soon, what to expect?

The Economic Survey will likely project a growth rate of around 9 per cent for the next financial year. Last year, Economic Survey for 2020-21 had projected a GDP growth of 11 per cent during the current fiscal year which is coming to an end on March 31, 2022. 
 

12.10 pm: Govt focused on Make-In-India defence projects, says President Kovind

The president said the government has given priority to Make in India in defence contracts. He added that 209 items used by armed forces will not be imported.
 

12.08 pm: Prez Kovind praises MPs for working amid COVID pandemic
 

Lauding the work of MPs during the pandemic, President Kovind said, "I laud your efforts and thank you for working even amid a raging Covid-19 pandemic."

12.06 pm: President on Climate change

India has set the target of net-zero emissions by 2070 under its commitment to tackle climate change: President Kovind.
 

12.03 pm: India received $48 bn in FDI in first seven months of FY22, says President Kovind.

President Ram Nath Kovind said that India received $48 billion in Foreign Direct Investment (FDI) in first seven months of this fiscal year (FY22), which is a proof of investor confidence in the country.
 

11.59 am: Govt committed to North-East India's development, says Prez Kovind
 

"Government is committed to NE India's development. Rail and air connectivity have improved in north-east India. Arunachal's Itanagar has got a new state-of-the-art airport," President Kovind said adding that the government has started a new era of peace in Naxal areas.
 

11.56 am: Prez Kovind recalls India's performance in Tokyo Olympics
 

Addressing both houses of the Parliament, President Kovind said, "We saw the capability of India's youth power, in Tokyo Olympics. Giving its best-ever performance, India won seven medals. In Tokyo Paralympics too, India won 19 medals and set a record."

 

11.54 am: Govt helped minorities in Afghanistan: President Kovind.

 

11.53 am: Govt focused on preserving historical monuments, artefacts: President Kovind
 

"Ancient artefacts are being brought back to India. We are bettering the infrastructure of historical monuments," Said President Kovind.
 

11.49 am: Govt focused on Make in India projects for defence sector, says President Kovind
 

President Ram Nath Kovind said the country is focused on self-reliance in defence and the government has approved many Make in India projects in this regard. He added that the soldiers will now get 'Made-in-India' weapons. Indigenous Tejas fighters have also been approved, President Kovind stated.
 

11.47 am: Govt has simplified norms to help drone companies, says Prez Kovind.

 

11.46 am: Govt unveiled new labour, banking reforms, says President Kovind.

 

11.43 am: Massive spurt in highway construction across India, says prez Kovind
 

"India has heralded a new age in the transport sector. A huge spurt has been seen in highway construction across India. Work on Delhi-Mumbai Expressway is also underway. India is working towards an integrated transport scenario. In 2014, highway length amounted to 90,000 km. Today, it is 1,40,000 km," said President Kovind.

 

11.41 am: India has once again become one of the fastest-growing economies of the world: President Kovind.
 

11.38 am: Govt is ensuring sufficient funding to MSMEs: President Kovind
 

President Kovind said that more than 13 lakh MSME companies have benefitted from the government schemes and that the MSME sector has been India's backbone.
 

11.35 am: Govt is setting mega textile manufacturing parks to create more jobs, says President Kovind.

 

11.33 am: Govt has eased patent rules for startups, says President Kovind
 

President Ram Nath Kovind said that since 2016, 60,000 new startup firms across 56 sectors gave jobs to 6 lakh people. He added that in 2021, 40 unicorns worth over Rs 7,400 crore came up.
 

11.27 am: NEP has changed the face of education in India, says President Kovind

The president said 4.5 crore students have been granted scholarships last year, adding that women are getting entry into the National Defence Academy (NDA). National Education Policy (NEP) has changed the face of education in India, he said. President Kovind further stated that 10 Engineering colleges are ensuring education in regional languages now.
 

11.23 am: Prez highlights women-focused schemes of govt
 

The government has trained many self-help groups to make them independent, President Kovind said, adding that Beti Bachao, Beti Padhao has helped many girls in the country. The president further stated that the government has also focused on raising the marriageable age for women. He said the government also stopped Triple Talaq.
 

11.20 am: India's agri exports increased by Rs 3 lakh crore in last year: Prez Kovind
 

President Ram Nath Kovind added that the government ensure more avenues for farmers to sell their produce. "The government ensured more avenues for farmers to sell produce. We have set up storage facilities to help farmers. The government has always focused on small farmers. Government has disbursed funds to 1,80,000 farmer families. We have also ensured infrastructure near farm areas," he noted.

 

11.19 am: Govt ensured housing rights for poor, says President Kovind.

 

11.15 am: President on government schemes.
 

Under the Pradhan Mantri Garib Kalyan Anna Yojana, the government is giving free ration every month to all the poor, says the president.
 

11.13 am: UPI transactions have greatly helped the citizens, says Prez Kovind.

 

11.10 am: Govt fully supporting pharma sector: Prez Kovind

Govt has brought PLI schemes for pharma sector. Ayurved and indigenous treatments are also benefiting from government schemes, President Kovind said.

 

11.07 am: More than 90% senior citizens have been administered at least one dose of COVID vaccine: Prez Kovind
 

"India worked as a team during Covid. India's vaccination programme has created world records. Over 90% senior citizens have received at least one dose of vaccine," President Ram Nath Kovind said.
 

11.04 am: President Kovind pays tribute to freedom fighters in Parliament.